Mr. Dustin Angelo reports
ANACONDA MINING INTERSECTS 34.70 G/T GOLD OVER 3.5 METRES AND 24.34 G/T GOLD OVER 3.8 METRES AT GOLDBORO; EXPANDS MINERALIZATION BEYOND EXISTING RESOURCE
Anaconda Mining Inc. has released assay results for the first five holes (BR-17-06 to 10) of a continuing 6,000-metre diamond drilling program at the company's Goldboro project in Nova Scotia, the subject of a recent positive preliminary economic assessment announcement (see press release dated Jan. 17, 2018).
Highlights from this drill program include multiple occurrences of visible gold, and assays of high-grade tenor including the following:
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34.70 grams per tonne gold over 3.5 metres (82.0 to 85.5 metres) in hole BR-17-09;
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24.34 g/t gold over 3.8 metres (389.9 to 393.7 metres) in hole BR-17-06;
- 9.12 g/t gold over 3.2 metres (293.8 to 2.97 metres) in hole BR-17-08;
- 31.56 g/t gold over 1.0 metre (259.0 to 260.0 metres) in hole BR-17-08;
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59.97 g/t gold over 0.5 metre (272.7 to 273.2 metres) in hole BR-17-06;
- and
17.68 g/t gold over 0.5 metre (69.6 to 70.1 metres) in hole BR-17-10.
The company has completed eight diamond (BR-17-06 to 13) drill holes totalling 3,553 metres since the commencement of the drill program in October, 2017. The program focused on a combination of down-plunge exploration and infill drilling on three geological sections of the Goldboro deposit. Each of the drill holes successfully intersected mineralized zones of both the East Goldbrook (EG gold system) and Boston Richardson (BR gold system) gold systems, as demonstrated on cross-section 9150E (exhibits A and B), reinforcing the potential for downdip and down-plunge extension of the Goldboro deposit. Assays for the first five holes (BR-17-06 to 10) include multiple occurrences of visible gold and assays with high-grade tenor. Assays are pending for drill holes BR-17-11 to 13.
"Anaconda continues to achieve successful results at its 100-per-cent-owned Goldboro project, following on from the recently announced preliminary economic assessment, which demonstrates a high-grade, long-life project. In our first significant diamond drilling campaign at Goldboro, we're hitting high-grade intersections and multiple occurrences of visible gold within new areas of drilling downdip and down plunge of the known deposit and have extended the plunge of mineralization by as much as 375 metres. With the expansion of mineralization, the Goldboro deposit is well positioned to grow beyond the current resource, while infill drilling results generate higher confidence in the known mineral resource as well as finding additional mineralized zones not previously modelled," said Dustin Angelo, president and chief executive officer, Anaconda Mining.
Section 9150E
On Section 9150E, exploration drill hole BR-17-06 intersected six separate mineralized zones along the limbs of the EG gold system. The drill hole also hit seven separate mineralized zones along the limbs of the BR gold system, extending five of these farther downdip (exhibit B). The other two mineralized zones intersected at depth in the BR gold system had not been previously encountered in this section, extending the known depth of mineralization to 475 metres, or 75 metres deeper than previously intersected. These deep intersections also extend the BR gold system 125 metres down plunge (exhibit C). The extension of the BR gold system downdip, along the limbs of the anticline and down plunge demonstrates the deposit is open for expansion.
Infill drill holes (BR-17-08 to -10) along Section 9150E also intersected grades consistent with other high-grade intersections observed in historical holes BR-87-03 and -28, as well as hole BR-17-05 drilled by the company in mid-2017. These recent drill holes, build confidence in the geological model and are expected to upgrade the resource categorization in this area from inferred to indicated resource categories. Further, a new mineralized zone, not previously outlined in Section 9150E, was outlined by intersections within adjacent holes BR-17-09 and BR-17-05 (exhibit B).
Selected composites from Section 9150E, including historic and recent drilling, are included in the associated highlight table.
Hole From To Interval Au
ID (m) (m) (m) (g/t)
BR-87-03 17.29 17.5 0.21 14.9
and 200.1 200.25 0.15 51.8
and 203.61 204.09 0.48 13.4
BR-87-28 249.64 253.91 4.27 9.14
and 264.27 268.84 4.57 6.73
including 264.27 266.71 2.44 9.77
BR-17-05 24.6 25.7 1.1 96.91
and 33.5 34.7 1.2 4.85
and 95.2 95.7 0.5 9.79
and 100 104.5 4.5 4.44
including 100 101.5 1.5 12.09
and 115.5 121 5.5 2.96
including 115.5 116.5 1 12.92
BR-17-06 272.7 273.2 0.5 59.97
and 295.2 295.7 0.5 13.27
and 389.9 393.7 3.8 24.34
including 391.5 392.5 1 86.48
BR-17-08 259 260 1 31.56
and 293.8 297 3.2 9.12
including 296 296.5 0.5 53.02
BR-17-09 82 85.5 3.5 34.7
including 84.5 85.5 1 119.66
and 232 233.5 1.5 28.11
including 232 233 1 41.75
and 285.5 290.4 4.9 6.94
including 285.5 287 1.5 12.26
BR-17-10 69.6 70.1 0.5 17.68
Hole BR-17-07
Hole BR-17-07 was drilled along Section 9550E, 400 m farther east of Section 9150E, and tested the extensions of the EG and BR gold systems along the limbs, as described for hole BR-17-06. Hole BR-17-07 was also designed to test the down-plunge extension of the BR gold system. The hole intersected five mineralized zones of the EG gold system and one mineralized zone of the BR gold system and hit the host structure and mineralization at a vertical depth of 475 metres. The intersection of the BR gold system extends this mineralization 375 metres down plunge from the resource model and help prove up continuity, along with other historic drilling in the down-plunge direction.
Composited assays from the recent drill program at Goldboro reported in this release are shown in the associated table.
Hole From To Interval Au
ID (m) (m) (m) (g/t)
BR-17-06 65.8 66.1 0.3 1.94
and 138.9 140.0 1.1 0.64
and 182.5 183.0 0.5 5.45
and 270.1 270.6 0.5 0.70
and 272.7 273.2 0.5 59.97
and 295.2 295.7 0.5 13.27
and 347.5 348.0 0.5 2.98
and 357.9 358.4 0.5 1.60
and 365.0 365.5 0.5 0.58
and 369.5 371.5 2.0 4.00
and 374.5 375.0 0.5 0.64
and 385.0 385.8 0.8 0.92
and 389.9 393.7 3.8 24.34
including 391.5 392.5 1.0 86.48
and 397.0 398.0 1.0 0.69
and 411.2 412.7 1.5 1.39
and 473.5 478.0 4.5 0.64
including 477.6 478.0 0.4 3.65
and 487.0 487.5 0.5 0.57
and 488.5 489.5 1.0 0.56
and 502.5 503.0 0.5 3.10
and 519.2 519.8 0.6 1.06
BR-17-07 219.5 220.0 0.5 1.18
and 245.9 246.4 0.5 0.29
and 313.4 313.9 0.5 1.56
and 329.0 329.6 0.6 2.14
and 351.6 352.1 0.5 0.71
and 358.7 359.2 0.5 0.72
and 378.9 381.9 3.0 1.21
including 381.4 381.9 0.5 4.15
and 384.9 385.6 0.7 2.47
and 386.6 388.1 1.5 1.08
and 407.0 407.5 0.5 0.79
and 449.2 449.7 0.5 1.13
and 547.9 548.5 0.6 0.94
and 556.5 557.0 0.5 1.08
BR-17-08 142.0 143.0 1.0 3.32
and 146.5 147.0 0.5 1.54
and 148.5 149.0 0.5 1.08
and 154.2 155.2 1.0 2.68
and 243.1 244.1 1.0 0.39
and 248.7 250.2 1.5 1.02
and 259.0 260.0 1.0 31.56
and 279.2 280.8 1.6 2.84
and 283.2 284.2 1.0 0.69
and 285.0 286.0 1.0 0.79
and 291.3 293.0 1.7 1.33
and 293.8 297.0 3.2 9.12
including 296.0 296.5 0.5 53.02
and 299.0 299.5 0.5 0.94
and 303.0 315.0 12.0 1.50
and 306.5 310.4 3.9 3.07
and 313.5 314.0 0.5 1.73
and 314.5 315.0 0.5 0.94
and 338.7 342.0 3.3 0.56
BR-17-09 18.5 20.0 1.5 2.52
and 37.0 37.5 0.5 1.66
and 62.4 63.4 1.0 0.69
and 71.7 73.2 1.5 3.82
including 72.2 73.2 1.0 4.83
and 82.0 85.5 3.5 34.70
including 84.5 85.5 1.0 119.66
and 92.1 94.6 2.5 1.09
and 147.5 148.0 0.5 4.81
and 165.0 167.6 2.6 1.59
including 165.0 166.1 1.1 3.39
and 167.1 167.6 0.5 0.60
and 187.7 188.7 1.0 0.39
and 215.7 216.7 1.0 1.37
and 219.4 220.0 0.6 1.27
and 232.0 233.5 1.5 28.11
including 232.0 233.0 1.0 41.75
and 241.0 241.5 0.5 0.78
and 244.0 245.1 1.1 0.56
and 284.0 284.5 0.5 1.80
and 285.5 290.4 4.9 6.94
including 285.5 287.0 1.5 12.26
and 289.5 290.4 0.9 16.09
and 293.2 293.7 0.5 0.46
and 295.7 297.1 1.4 0.52
BR-17-10 66.0 66.5 0.5 1.13
and 69.6 70.1 0.5 17.68
and 81.0 86.5 5.5 0.78
and 106.2 107.0 0.8 0.82
and 108.0 110.5 2.5 2.12
and 114.0 117.0 3.0 1.21
and 122.0 122.5 0.5 2.40
This news release has been reviewed and approved by Paul McNeill, PGeo, vice-president, exploration, with Anaconda Mining, a qualified person, under National Instrument 43-101 Standard for Disclosure for Mineral Projects.
All samples and the resultant composites referred to in this release are collected using quality assurance/quality control protocols including the regular insertion of standards and blanks within the sample batch for analysis and check assays of select samples. All samples quoted in this release were analyzed at Eastern Analytical Ltd. in Springdale, Nfld., for Au by fire assay (30 g) with an atomic absorption finish.
Samples analyzing greater than 0.5 g/t Au via 30 g fire assay were reanalyzed at Eastern Analytical Ltd. via total pulp metallic. For the total pulp metallic analysis, the entire sample is crushed to minus 10 mesh and pulverized to 95 per cent minus 150 mesh. The total sample is then weighed and screened to 150 mesh. The plus-150-mesh fraction is fire assayed for Au, and a 30 g subsample of the minus-150-mesh fraction analyzed via fire assay. A weighted average gold grade is calculated for the final reportable gold grade. Anaconda considers total pulp metallic analysis to be more representative than 30 g fire assay in coarse gold systems such as the Goldboro deposit.
Mineralized intervals are reported as drill intersections and are apparent widths only. Apparent widths reported in holes BR-17-06 to 10 are estimated to be approximately 50 to 100 per cent of true widths. All historic drill intercepts are reported as core length only.
A version of this press release will be available in French on Anaconda's website in two to three business days.
About Anaconda Mining Inc.
Anaconda is a Toronto Stock Exchange-listed gold mining, exploration and development company, focused in the prospective Atlantic Canadian jurisdictions of Newfoundland and Nova Scotia. The company operates the Point Rousse project located in the Baie Verte mining district in Newfoundland, comprising the Pine Cove open-pit mine, the fully permitted Pine Cove mill and tailings facility, the Stog'er Tight mine, and the Argyle deposit, as well as approximately 5,800 hectares of prospective gold-bearing property.
We seek Safe Harbor.
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